Everything is still going to plan. As the chart above shows, China’s official bank lending is down by 16% in the year to date as the government rations credit to the big state-owned enterprises. The last thing …

They always say the best form of flattery is immitation and so thanks to my colleague Paul Hodges for this graph indicating a huge surge in China’s polyethylene imports – courtesy of data from Edwin Pang of Credit Suisse.